As a long$-$term investment, Painters' Equipment Company purchased $20\%$ of AMC Supplies Incorporated's $550,000$ shares for $$630,000$ at the beginning of the fiscal year of both companies. On the purchase date, the fair value and book value of AMC$$s net assets were equal. During the year, AMC earned net income of $$400,000$ and distributed cash dividends of $20$ cents per share. At year$-$end, the fair value of the shares is $$670,000.$

Required:

$1.$ Assume no significant influence was acquired. Prepare the appropriate journal entries from the purchase through the end of the year.

$2.$ Assume significant influence was acquired. Prepare the appropriate journal entries from the purchase through the end of the year.